Kraken is by far one of the leading US crypto exchanges, especially since the demise of FTX.
It is also one of the longest-running crypto exchanges still in business, as it was founded in 2011.
It recently announced the hiring of a new CTO (Chief Technology Officer), Vishnu Patankar.
The new CTO of crypto exchange Kraken
Patankar has long experience in the field of technology development behind him, as he has worked at companies such as Microsoft, Amazon, Intel, and Groupon for more than 20 years.
In addition, his last job was as CTO of StockX, where he played a key role in facilitating the company’s growth by launching NFTs.
In particular, he helped these companies scale up through the development of products that impacted millions of customers around the world.
This in fact is also why he was hired at Kraken.
During the last big bullrun the US exchange was not among those that grew the most. It was certainly surpassed by FTX in this respect, and most likely by Coinbase as well.
The hiring of Patankar seems to be intended to prepare the company to take full advantage of a possible new bullrun.
The role of Kraken’s new CTO will be to lead the team of engineers working on the exchange’s next generation of products and services.
He said his goal at Kraken is to have the company expand its operations by making products for the mainstream, with a focus on Web3.
The role of artificial intelligence
On the subject of Web3, Patankar said that outside the main use case of digital currencies, there is great potential for tokenization applications using blockchain, for example in real estate, collectibles, digital identity, health care, and data for AI.
He also believes that it is difficult to ignore the power of AI language patterns, and that it will be interesting to see what business models will emerge during the initial hype cycle.
But what is most interesting is that he believes there are points of contact between crypto and AI, especially with regard to customer experience in relation to cryptocurrencies.
In this area he believes that artificial intelligence in crypto is still only in its infancy, with AI that could be used, for example, for NFT personalization, cybersecurity, and fraud prevention.
The latter point is of particular interest, because to date no large-scale effective system has yet been found to combat frequent fraud in crypto.
AI could detect suspicious behavior where human intelligence sees only remote hypotheses of fraud, and it could also do so well in advance.
For example, it could be used to more effectively defend exchanges themselves against cyber attacks, that is, by detecting suspicious behavior extremely quickly so that it can nip it in the bud.
Kraken CEO David Ripley said:
“Vishnu is a true leader in his field. He is a seasoned executive with deep expertise across all aspects of product development and tech leadership. He has built and led large, globally distributed engineering teams at some of the most innovative companies. He’s a strategic and technical leader who is well equipped to build and optimize Kraken’s technology to deliver the most secure and scalable product experiences. We’re thrilled to have him join our team.”